Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v3.5.0.2
OTHER REAL ESTATE OWNED
 9 Months Ended
Sep. 30, 2016
OTHER REAL ESTATE OWNED [Abstract]  
OTHER REAL ESTATE OWNED
NOTE 4 – OTHER REAL ESTATE OWNED

Other real estate owned was as follows (dollars in thousands):

   
Nine
Months Ended
September 30,
2016
    
Year
Ended
December 31,
2015
    
Nine
Months Ended
September 30,
2015
  
Beginning balance
  
$
28,377
    
$
43,071
    
$
43,071
  
Additions, transfers from loans
    
102
      
2,520
      
1,301
  
Proceeds from sales of other real estate owned
    
(4,155
)
    
(11,540
)
    
(3,613
)
Valuation allowance reversal upon sale
    
(533
)
    
(4,748
)
    
(427
)
Gain (loss) on sales of other real estate owned
    
365
      
(926
)
    
237
  
     
24,156
      
28,377
      
40,569
  
Less: valuation allowance
    
(11,046
)
    
(10,805
)
    
(14,898
)
Ending balance
  
$
13,110
    
$
17,572
    
$
25,671
  

Activity in the valuation allowance was as follows (dollars in thousands):
 
   
Nine
Months Ended
September 30,
2016
    
Nine
Months Ended
September 30,
2015
  
Beginning balance
  
$
10,805
    
$
14,829
  
Additions charged to expense
    
774
      
496
  
Reversals upon sale
    
(533
)
    
(427
)
Ending balance
  
$
11,046
    
$
14,898